Impact of Coronavirus on the Digital Economy
The ferocious cloud of the coronavirus has shadowed the entire planet. It has unequivocally feigned umpteen challenges to all the sectors of society. On the other hand, it has also presented numerous opportunities for the digital economy. It’s benefitting the freelancing job platforms as well. The clients and freelancers have the privilege to send and receive payments via cryptocurrencies. Not only is it a hassle-free transaction but secure too.
However, the organizations that were digitally equipped with all the tools and software are now at an advantage. They have all the relevant tools required to combat the severe storm of the COVID-19. Such organizations have elevated resilience in such edgy times. With better technology and strategies, they can chase growth. Let us have insight into the impact of the coronavirus on the digital economy.
New Data Center Paradigm
Before the coronavirus, the integration of artificial intelligence, machine learning, and other real-time enabled new applications with real-life, was considered to be beyond the reach of technology. But, the pandemic has bolstered this transformation. The results of this augmented transformation are the heightened usage in digitized data. A vast compute and storage capacity is integrated with this data.
Let us have a glance at other statistics related to data growth and coronavirus.
From the year 2016, digitization has fabricated approximately 90% of the world’s data. The IDC reports show that the usage of data globally will cross the 59 zettabytes mark in 2020. By 2025, this figure is likely to augment to 175 zettabytes. One zettabyte is equal to a trillion gigabytes.
This heightened usage of data owes its importance to various factors. There is an augmentation in the video-based content consumption by the users. Also, the remote working facilities have yielded much to this growth.
Hence, the data centers are emerging as the commerce platforms of the 21st century. This industry has a lot of potential to integrate many adept employees. It is such data centers that are keeping the economy afloat amongst the flood of the epidemic. The businesses are practicing to be technologically equipped during this phase of adversity.
Shift To Digital
“As the tradeshow circuit dwindles, some exhibitors are looking for other ways to fill their sales pipelines. I just talked with one client who is seeing several trade shows get canceled, and wants to put more into digital to make up for the lost leads they usually pick up at events.”
Though, to extend a strong base to the digital economy, Stuart Mackay, the General Manager at Reprise Dubai, remarked a few words. He said that these edgy times related to a health crisis have occurred in a digital age. Thus, the organizations must adapt effectively to this shift and procure new advancement opportunities. Retailers can reap the benefits of the changing preferences of the consumers in this digital era.
The digital software and tools facilitate e-commerce and simplify product lines, sales channels, and customer engagement. The introduction of such digital strategies paves a way to optimize business models. In the end, he said that the efficient use of technology to offer benefits to the consumers would decide if this battle is won or lost.
Nevertheless, the banks that have invested successfully in the digital economy are proliferating. This is because the research by Bain study exhibits specific facts. It states that the new account openings truncated by 23% on average in the United States during the coronavirus.
On the contrary, there were two banks whose account openings increased by 45% and 43%. The reason behind this heightening of the account numbers was due to the wise investment done by these banks. By having cognizance of customer value and satisfaction, and by helping the customers in the digital transformation, the banks can attain an augmented customer base.
Heightened E-Commerce Opportunities
There are various apps that facilitate e-commerce like Amazon, Flipkart, etc. The customers can even pay online and leave their feedback for the store retailers. There is a whisk of physical and digital technology to give customers the best experience during this pandemic.
Digital Health Solutions
After sighting the spike in the coronavirus cases in America, the healthcare system has gone digital. This digitalization is helping to combat the strain imposed by the outbreak. People need not go to the hospitals and risk their lives.
About the Author
Parvesh Mittal is a digital marketing and online reputation management specialist who frequently writes about related topics.
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